FY26 'double-digit' (Q1-Q2) walked to mid-single Q3, landed 8.3% Q4.

Growth across geographies looks like core geographies (Americas, Europe, India) are doing well but rest of the world has seen a decline. Should we think about that correlated to challenges in Automotive?

No, I would not necessarily do that. The way to look at it is that there are businesses in ROW that we did decide that we will look at. They are small. So, I would not worry. Basically, our strong geographies, the US, Europe as well as Japan actually have grown and done well, and that's where it is.

Any progress on taking SWC (Smart World) to the Middle East?

Yes. So, that is where we have been working on. We have got a pipeline in the Middle East that we are working on, but it is taking longer than what we had expected in terms of closures in the Middle East. In fact, we have got some good inquiries for Smart World in the US as well, but again, going slower than what we had anticipated.

You had started a cybersecurity center in the US. Is that something that can leverage the credentials of Smart World Communications in India?

If you go look at Smart World, there were three parts to it. There was a Smart Cities piece, there was a Telecom Infra piece and there was Cyber piece. Cyber now I can confirm is in excess of, I would say, at a company level, we have been able to take it about between 1.0%-2.5% of our revenues and fairly profitable. The Telco Infra piece is anyway international. In fact, this large deal win that we had with the Telecom operator was from that area and because of the credential. Smart Cities continue to be like I talked a little down.

The $100 Mn in Sustainability, just to confirm, this is the largest deal win that you had in this segment, right?

This is the largest deal we have had in this segment. If I recall, we had a deal that was $100 Mn in the Oil and Gas space. It was, I think, about 4 years ago or 5 years ago. And now the $100 Mn in Sustainability, in IP is the first $100 Mn deal. And no rebadging, all offshore, largely offshore, a little bit onsite, in line with the Sustainability margins.

The large deal at $200 Mn that was trending in the last few quarters has gone up to $300 Mn now. Is this entirely net new? Or does it include an element of renewals also?

About 20% would be what was already there and 80% broadly is what we have built on as add-on new. That's how you should look at it. And one more point, just to answer that. Most of the deals we are getting when we are announcing a TCV $10 Mn +, it is a plus-plus. It is not just a renewal. I am just making sure that you understand that.

Last time you mentioned that for FY26, organic growth would be better than last year. Do you still hold to that guidance?

I said double digit, and I hold to that. We continue to look at the portfolio and see if there is stuff that's really dragging us down, non-strategic, we try and avoid doing such stuff because we want to maintain market dominance in the areas we operate. Feb onwards, I am not saying that nothing will happen in Q3. I am confirming H2 better than H1. I am also not saying it's going to be hockey stick Q3 to Q4. There will be growth, but I can see clear signs of the burst coming Feb onwards.

Bookkeeping question - depreciation has been rising for 3 quarters post Intelliswift acquisition. How much should we bake in from a go-forward perspective?

What I would guide is this quarter, we did have capitalization of one of the facilities that we have set up in Baroda. That's a dedicated facility for LTTS. So, there is indeed increase in depreciation on account of that. You should model depreciation in the range of Rs. 95 crores in a quarter.

On Tech side, can you break your commentary in terms of what you're seeing within heritage portfolio, Intelliswift portfolio and SWC? Also at start of year, you supported strategic customers with price/volume discounts which was a margin headwind expected to go away in Q2. Are we on track? And thoughts on wage hikes?

Wage hikes are in consideration. So, it will be either sometime in Q3 or sometime in Q4. It is a decision to be made, and we are working on it. Now in terms of client support, I am happy to report that the client support has ended as of Q2 end. The margins will improve from here on. On Tech - Smart World, Smart Cities, we are not seeing a lot of traction. Telco Infra part and Cyber are doing okay for us, growing. Middle East we have invested in a sales team. US we have invested in a sales team. Intelli, we had picked up at x margins and we had committed to grow the margins. I can confirm Intelli margins stand-alone have grown also QoQ. Heritage business - Media & Tech, Semiconductor and some Medical areas - we have won the $60 Mn account in Telecom. Medical has been a little slow in the US. We have won very interesting programs in Japan. We now have a near $50 Mn account in Medical. We also have two $10 Mn+ accounts in Medical. We do believe the change of approach with new segment leader will help us bring growth back from Q4.

Your outlook on margins probably will stay irrespective of the wage hike. Will that probably be an incremental headwind for our margins in the near term?

Amit already mentioned the fact that this is in consideration, and a lot of factors are being evaluated at this stage. It will be an event either in Q3 or Q4. But whenever that decision is being made, our commentary around H2 margins being better than H1 continues. We will be able to absorb the headwinds that come from wage hikes.

On deal wins - what's driving these large deals? Is it because we have become bigger and have more capabilities? And is this a reflection of how the ER&D industry has evolved with larger deals going forward?

Number one, what's changed is instead of one central sales organization, we now have 6 sales teams in the US across the 6 segments, plus a regional sales team in Europe, in India, Middle East and Japan and Australia. Second, we have been investing in technology ahead of the curve and filing 216 patents in AI is a signal of that. Third, the type of conversations we are able to have with our customers actually involves the CTO, Head of Product Development, Head of Manufacturing. Fourth, earlier we would pick up an order for $1 Mn and be happy. Now we ask if you are giving me a $1 Mn PO, can you give me a 3-year SOW. So we are increasing duration. The $100 Mn win is across 5+ years. The $60 Mn win is a 5+ win. Fifth, many years ago we didn't have Automotive. Today 80%, 85% of the work in Automotive is coming from OEMs. Today 3 hyperscalers are 25 Mn+ accounts for us. I am confirming Q3 $200 Mn. Diwali was there, we got $300 Mn, now maybe Christmas also we will get $300 Mn, we will see.

Is it fair to say that clients are okay to award longer duration deals or multifaceted deals stitching together multiple departments at inception?

What's happening for sure is that clients are also starting to have larger conversations, have the appetite to have larger conversations. A lot of our client conversations today involve clients asking can you come and sit down with me and tell me strategically, I am trying to think about Engineering for the next 10 years. As I look at Engineering and Technology for the next 10 years, what should I do in-house? What should I take out? How should I reskill my people? Those are the larger conversations we are having and much more meaningful than give me 10 bodies and give me one horse and go away.

The mid-16% margin guidance by Q4FY27 or Q1FY28 - are you confident about it?

Yes, absolutely, Vibhor.

You mentioned in opening remarks US reindustrialization is an emerging opportunity. Tariff-related announcements are still changing. In this scenario, clients are in indecisive mode. What is the nature of this demand in the US?

When the tariffs got announced and the whole thing was being negotiated, our clients built a lot of what if then scenarios, including changing supplier, moving supply from Mexico to the US, China to the US, looking at India. What we have seen in the last 2 months is some of those people have come up with those decisions that irrespective of what gets announced further, let's make this move and do XYZ. We are seeing discrete manufacturing being set up or factories being expanded. We are seeing in Medical and Pharma people actively looking at doing stuff in the US itself. Look at sales of people like Siemens, ABB, Hitachi - the industrial automation demand is new sales happening in the US and Europe. All of this is going into newer plants, refurbished plants. I am not saying production has gone up drastically, but plants are being activated.

On Intelliswift, you mentioned margins have gone up. Is the revenue trajectory also moving up on a QoQ basis?

Both aspects - revenue growth because we definitely see opportunities on the Software Platform side, working with hyperscalers and adjacencies in Healthcare. The other is margin - we talked about the integration plan and we had called out we have an opportunity in margin improvement at project level. We also have an opportunity in rationalizing SG&A cost. In Q2 there's about 50 bps of improvement, that's actually 40-50 bps improvement coming on the SG&A cost. Some of the plans are translating. Likely a few more quarters, we should have Intelliswift get to what used to be Tech-like segment margins.

On Mobility outlook - growth from Q4 onwards. Could Automotive also turn to growth by that timeline, or would it be just Trucks & Off-Highway and Railways?

Mobility for us is 3 parts - Automotive, Trucks and Off-Highway, and Aero and Rail. This quarter we actually grew in the other sectors and Automotive was quiet. We expect Q4 to come back with growth in Automotive itself. We are seeing deals starting to ramp up that we had closed earlier and we had talked about. They took a little bit of time, but now we are seeing that happen. This is cross borders. We are fairly confident that unless something happens dramatically different in the next few months in Q3, we should see a good amount of growth coming across all the 3 sectors that we have in Mobility.

On the 16.5% margin target - does that build a significant growth acceleration in the coming year or a similar growth rate locked this year should be able to reach this point?

Not really. We haven't put it like growth will only lead to margins. There are 3 or 4 areas - growth, quality of revenue with large deal wins in Sustainability is one tailwind. Second, AI-led delivery improvements across all functions internally to drive efficiency and economies. Third, SG&A targeted range I mentioned. We are looking at the portfolio - any accounts that are not margin accretive, we will give it a serious look. These are 3, 4 areas we are looking at. It's not just hinging on growth. The 200-300 margin improvement is over a period of time between Q4FY27 and Q1FY28, sequentially. The biggest uptick is the strategic support concluding in Quarter 2. All large deal wins in Sustainability is highest margin segment. Mobility we expect to come back in growth and profitability in Q4. Varied factors, sequentially lined up.